国际会计学第六(3)

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1、InternationalAccounting,6/eFrederickD.S.ChoiGaryK.MeekChapter4:ComparativeAccounting:TheAmericasandAsia1LearningObjectivesUnderstandhowfinancialreportingisregulatedandenforcedinfivecountriesoftheAmericasandAsia:theU.S.,Mexico,Japan,China,andIndia.Describethekeysimilaritiesanddiff

2、erencesamongtheaccountingsystemsofthesefivecountries.Describetheauditor-oversightmechanismsinthesefivecountries.Explainthedifferencebetweenprinciples-basedandrules-basedaccountingstandards.23UnitedStatesOverviewFinancialAccountingStandardsBoard(FASB)Private-sectororganizationthat

3、determinesaccountingstandardsTheSecuritiesandExchangeCommission(SEC)–agovernmentalagency–underpinsFASB’sauthorityPublicCompanyAccountingOversightBoard(PCAOB)PrivateorganizationoverseenbytheSECRegulatesauditsandauditorsofpubliccompaniesIn2002,tookovertheresponsibilityforsettingaud

4、itingstandardsfromtheAmericanInstituteofCertifiedPublicAccountants(AICPA)Financialstatements“presentfairly”CompliancewithGAAPisthetestforfairpresentation4UnitedStates(contin)AccountingregulationandenforcementSecuritiesandExchangeCommissionHasjurisdictionoverlistedcompaniesRelieso

5、nprivatesector(FASB)tosetaccountingstandardsPressuresFASBonthedirectionofaccountingstandardsFinancialAccountingStandardsBoardConceptualFrameworkisasignificantfeatureofaccountingstandardsettingStandardsettingintheU.S.isbothpoliticalandtechnicalGenerallyacceptedaccountingprinciples

6、(GAAP)arevoluminousanddetailedCommittedtoconvergingU.S.GAAPwithIFRSSarbanes-OxleyAct(2002)Expandedrequirementsoncorporategovernance,disclosureandreporting,andtheregulationoftheauditprofessionEstablishedPCAOBSetsstandardsforauditorsOverseesandinspectsauditfirmsSanctionsauditorsfor

7、defectiveworkCEOandCFOmustcertifyfinancialstatementsManagementmustassessinternalcontrolsAuditorsexpressanopiniononinternalcontrols5UnitedStates(contin)UnusualfeaturesofU.S.financialreportingNofederallawforpreparingfinancialstatementsorhavingthemaudited,exceptforlistedcompaniesLIF

8、ORules-basedGAAPversusprinciples-basedGA